Transcription of INTRODUCTION - SARS Home
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INTRODUCTION - SARS Home
The Income Tax Act of 1962 allows taxpayers who receive a travel allowance to claim a deduction for the use of their private vehicles for business purposes. It is important to note that travel between your home and place of work cannot be claimed and is regarded as private South African Revenue Service reserves the right to audit and query the content or information recorded by the taxpayer in any a travel deduction if you are in receipt of a travel allowanceINTRODUCTIONIt is now compulsory to keep a logbook of all your travel in which you record what travel was for business if you want to claim a travel deduction. It is not necessary to record details of private travel . The logbook must contain the following minimum information relating to your business travel : Date of travel Kilometres travelled travel details (where to and reason for the trip)Once you have taken down these readings and worked out your total travel for the year, you can start calculating your travel order to claim a deduction, the first step is to record your vehicle s odometer reading on 1 March each year (the first day of the tax year for individuals), and again on the last day of February the following year (the last day of the tax year for individuals).
The Income Tax Act No.58 of 1962 allows taxpayers who receive a travel allowance to claim a deduction for the use of their private vehicles for business purposes.
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